For the purposes of this section and section 1-56b:
(1) “Account” means any account at a financial institution which is in the name of one or more natural persons and into which deposits may be made;
(2) “Power of attorney account” means an account in the name of a natural person as principal and with respect to which one or more other natural persons have been designated as agents with the right to make deposits to and to withdraw funds from or draw checks on such account;
(3) “Financial institution” means any state bank and trust company, national banking association, state or federally chartered savings bank, state or federally chartered savings and loan association or state or federally chartered credit union.
(P.A. 89-67, S. 1.)